Lennar sees improvement in buyer traffic in first quarter
(Reuters) - Lennar Corp (LEN.N) said it was seeing improvement in buyer traffic in the first quarter of fiscal year 2019 as interest rates begin to ease after climbing to multi-year highs in the past year.
The second largest U.S. homebuilder said it expects to deliver over 50,000 homes in the current year.
“With inventories low, we believeÂ (a moderation of traffic in the fourth quarter) is aÂ temporary adjustment as strongÂ employment, wage growth,Â consumer confidence and economic growth drive the consumerÂ to catch up,” Executive Chairman Stuart Miller said on a conference call.
The company’s shares rose 5 percent to $44.05 in morning trading.
Reporting by Ankit Ajmera in Bengaluru; Editing by James Emmanuel